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This revealed earnings from its consumer business plunged by more than a quarter after it lost 377,000 UK customer accounts in the first half.

Underlying operating profits from its UK home energy supply arm tumbled 26 per cent to £381 million as the group said it was also hit by warmer-than-normal temperatures and the pre-payment tariff cap.

Centrica's overall underlying operating profits were four per cent lower at £816 million for the six months to June 30, but shares rose two per cent.

The group said the increase was its first since November 2013 and insisted its overall electricity costs had increased by 16% since then.

Centrica chief executive Iain Conn told BBC Radio 4's Today programme that while the commodity price of electricity had come down, it was facing "significant cost pressure" on transmission and distribution, as well as costs associated with government policy.